HSI Opens 68 pts Lower as HSBC Softens

Hong Kong stocks opened lower in the morning as more companies listed in the Hong Kong stock market released their quarterly results. At open, $Hang Seng Index (800000.HK)$ slid 68 points or 0.4% to 17,337. $Hang Seng China Enterprises Index (800100.HK)$ dropped 20 points or 0.4% to 5,939. $Hang Seng TECH Index (800700.HK)$ fell 25 points or 0.7% to 3,829.

$BOC HONG KONG (02388.HK)$ hiked 0.7% to $20.75 after its operating profit before impairment allowances surged 26% YoY in 1Q23 to 3Q23. $BANK OF CHINA (03988.HK)$ 's 1Q23 to 3Q23 net profit climbed 1.6% YoY. It shares slipped 0.4% to $2.72.

$PETROCHINA (00857.HK)$ 's 3Q23 net profit increased 21% YoY. It shares gained 1.4% to $5.23. $WUXI APPTEC (02359.HK)$ shed 5.7% after its 3Q23 net profit attributable to shareholders rose 0.8% YoY. UBS said that WUXI APPTEC's 3Q23 results were weaker than expected.

$ICBC (01398.HK)$ , $CCB (00939.HK)$ and 4 other major Chinese banks launched a new round of fee reductions and concession measures to lower a number of fees and charges. CCB and $ABC (01288.HK)$ lost 0.2% and 0.7%, while $ICBC (01398.HK)$ opened flat at $3.74.

For other stocks, $HSBC HOLDINGS (00005.HK)$ sagged 1.6% to $56.3, while $HKEX (00388.HK)$ opened flat at $280. $AIA (01299.HK)$ lost 0.1% to $68.65.